What’s the term for a condition that must be met before closing? Contingency Exclusion Line item Option

The closing period is termed as the period that offers the companies the free period to finalize all the payments of the obligations of the company. The closing period comes with the delaines of all the payment of the debts and evaluation of the left assets or the possession.  

The correct answer for the term that should be met before closing is Contingency

A contingency provision is termed as the condition that must be met before the closing date in a purchase agreement. In most cases, contingencies are incorporated in the acquisition of real estates, such as residences and farmland.

A contingency or condition usually refers to banking, security, evaluation, or funding concerns. If the buyer and seller agree on the other terms, a contingency is added to the purchase agreement.

To know more about the closing period, refer to the link below:

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Contingency

Explanation:

A contingency clause is a condition stipulated in a purchase agreement that must be met before the closing date. Contingencies are normally included in the purchase of properties such as homes and land.  A contingency or condition usually relates to issues to do with financing, insurance, appraisal, or financing.  A contingency becomes part of the sales contract should the buyer, and the seller agree on the other terms.

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